Current through Register Vol. XLI, No. 25, June 21, 2024
Section 142-8-7 - Trust Accounts7.1. All funds paid to or collected by any person on a preneed funeral contract and not exempted by W. Va. Code '47-14-5(a)(1) shall be deposited in a trust account within thirty (30) days of receipt. The trust account shall be administered: (i) by the provider, contract seller, or person making the preneed funeral contract available, acting as trustee; (ii) under the terms of a trust instrument entered into with a national or state bank having trust powers and located in this state; or (iii) under the terms of a trust instrument entered into with a board of at least three individual trustees as provided in W. Va. Code '47-14-8(b).7.2. All trustees shall include in their annual report a statement accounting for fees charged against the trust, which fees shall be subject to review by the Department in order to determine whether they are reasonable in amount. Any fees found to be excessive shall be repaid to the trust.7.3. All individual members of boards of trustees, as provided for in W.Va. Code '47-14-8(b) and section 7.1(iii) of this rule, shall obtain a fidelity bond as required by W. Va. Code '47-14-8(b) and shall file this bond with the Department at the time of application for a certificate of authority. No other trustee need obtain a fidelity bond.